Bitcoin ETF Watchers Wait for "Some Sort of Announcement" on Friday
Observers are eagerly awaiting a potential announcement surrounding the possibility of a Bitcoin (BTC) exchange-traded fund (ETF) on Friday.
On October 20, a District of Columbia court is set to issue a mandate that could solidify an August opinion in favor of Grayscale, which sought to convert its Bitcoin trust (GBTC) into an ETF.
The US Securities and Exchange Commission (SEC) recently decided not to appeal the previous ruling, creating anticipation for the next steps in the process.
Industry analysts, including Elliott Stein and James Seyffart of Bloomberg Intelligence, anticipate some announcement or additional information from the SEC, Grayscale, or the courts regarding the next course of action.
"We are waiting on some sort of announcement or just additional information from the SEC, Grayscale or possibly the courts on what happens next," said Seyffart.
"The full next steps can’t truly be known because this is a first-of-its-kind situation."
Progress regarding the conversion of Grayscale's GBTC into an ETF could bring much-needed clarity to the ETF approval process, which has been shrouded in uncertainty.
Many industry watchers have been unsure how the SEC would handle Grayscale's proceedings and the numerous other outstanding ETF applications.
For one, crypto investor Michael Novogratz expressed his belief that the SEC would approve a Bitcoin ETF this year.
Grayscale has argued that converting GBTC into an ETF could unlock significant value for its holders.
While the SEC has been hesitant in the past, several companies, including BlackRock and Invesco, are currently vying to launch their own ETF products. Galaxy Digital, led by Novogratz, is partnering with Invesco on a proposal.
Bloomberg Intelligence suggests that the
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